Weekly Market Quote: Markets took a breather in the passing week and shed over half a percent amid mixed cues Says Mr. Ajit Mishra, Religare Broking Ltd
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Quote on Weekly Market Outlook 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets took a breather in the passing week and shed over half a percent amid mixed cues. The beginning was upbeat however profit taking in heavyweights across sectors pushed the index lower in the following sessions. The marginal rebound on Friday trimmed some losses and Nifty eventually settled at 18,203.40 levels; down 0.61%. Amid all, resilience in banking played combined with a rebound in the IT majors eased some pressure. Interestingly, the broader indices continued their outperformance while the midcap index ended marginally higher and smallcap gained nearly a percent.
We expect choppiness to remain high in the coming week too, citing the scheduled expiry of May month derivatives contracts. Meanwhile, global markets performance and consistency in the foreign flows will remain on the participants’ radar for cues.
On the earnings front, some prominent names like BPCL, Ashokley, Hindalco, ONGC, Grasim and Zeel will announce their numbers during the week.
Nifty respected the crucial support at 18,050 on Friday and its sustainability would be critical for the index to retest the 18,500-18,700 zone. In case of a breakdown, 17,850 zone would offer the needed cushion. Meanwhile, traders should limit their focus on identifying stocks from the preferred sectors like banking, financials, FMCG and auto as they’re showing resilience amid consolidation. They can also selectively look at midcap and smallcap counters citing their prevailing outperformance.
Above views are of the author and not of the website kindly read disclaimer
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